In the 24 years that I have worked for Investors Title Company, many things about our business have changed. Some changes have been for the better; some changes have made our business more complicated. The availability of technology has certainly increased the accuracy and improved the appearance of closing documents and made it possible to make changes more quickly, when necessary, at the closing table. Likewise, title and property information is easier to obtain. These advances for our industry have come later than for real estate agents and lenders, but a good deal of progress has been made in recent years and they have made a positive difference for us and the clients we serve. On the other hand, transactions are harder and more time consuming to close because of increased documentation, shorter time frames, and more complicated funding procedures. Likewise, new challenges have arisen as a result of tough economic times and new regulations (new HUD-1, GFE, TIL, short sales). All of this puts added pressure not only on title company closers, but also on real estate agents and lenders, and are business realities with which we have all had to deal.
Perhaps in the future, the technology will reach a point that will enable a title company closer with a minimum of experience to successfully close a transaction even given the increasing demands and expectations of the real estate industry. Until that time there will continue to be no magic about getting a deal closed. It is hard work and the people that do closings need training, knowledge, and support. Title companies, like agents and lenders, have to juggle many different tasks and get a number of people to work together to make a deal happen even when those people do not want to cooperate. In the end, getting a closing done properly, especially a difficult one, requires flexibility, problem solving, patience, and a willingness to help.
Do the closer and title company you work with exhibit these qualities? I feel it is so important for your business that they do. Why work with someone who does not care about you, your clients, or your business? Why take a chance working with someone who may not be competent or who works for a title company whose strength and stability you are not sure of?
The moral of the story is, be wary of title companies who do not know your business. Be wary of title companies who do not know their business. Closings are going to get more difficult in the future, not easier and no technology will change that.
Investors Title Company has been training closers, title examiners, support staff, and closing deals for 38 years, and, while I realize I am biased, I truly feel that our people are the best in the business and I am very proud of them and the commitment they have to our company and especially to our clients. If you are currently one of our customers, thank you. If not, examine the level of service you and your clients are getting. Ask questions about your title company’s strength and financial soundness. Inquire as to the experience of the title and closing personnel and whether there is an attorney on staff that they or you or your clients can go to for help and support. These questions are more important than ever to get good answers to. I think you would be happy with the answers you get from Investors Title Company.
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